Positive Forecaster

Update on the closing price of gold on December 3: Experts predict positively — Updated gold price closing session 3.12. Illustration photo: Phan Anh

Domestic gold price

Domestic gold price fluctuations

World gold price developments

World gold prices increased dramatically in the context of the falling USD. Recorded at 5:00 p.m. on December 2, the US Dollar Index, which measures the greenback's fluctuations against 6 major currencies, was at 103.125 points (down 0.29%).

Lower interest rates reduce the opportunity cost of holding non-yielding assets, thus typically boosting gold prices.

Jim Wyckoff, senior analyst at Kitco Metals, said the short-term outlook for gold remains favorable, as the US dollar is trending downward amid predictions that the US Federal Reserve (FED) will not raise interest rates any further and may even lower them in the spring.

Meanwhile, Mr. Bob Haberkorn - market strategist at precious metals trading company RJO Futures, said gold could trade around $ 2,000 / ounce or slightly higher until the market receives more information about the interest rate plan from the Fed.

Fifteen Wall Street analysts participated in the Kitco News gold survey this week. Of those, eight, or 53%, expect higher gold prices next week. Five analysts, or 33%, see lower prices. Only two, or 13%, are neutral on gold next week.

Meanwhile, 763 votes were cast in Kitco’s online poll. The majority remained as bullish as they were two weeks ago. 495 retail investors, or 65 percent, expect gold to rise next week. Another 155, or 20 percent, predict lower prices. Meanwhile, 114 respondents, or 15 percent, were neutral on the precious metal’s near-term outlook.

Next week, markets await the US Job Openings and Labor Turnover Survey (JOLTS) report on Tuesday, ADP private sector employment on Wednesday, weekly jobless claims report on Thursday and November non- farm payrolls on Friday. Markets will also pay attention to the University of Michigan consumer sentiment survey.

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